Larry Page Could Avoid Nearly $15 Billion in Taxes After Moving to Miami

Google cofounder Larry Page has taken significant steps to avoid paying nearly $15 billion in taxes by moving from California to Florida ahead of a controversial state tax measure. After California proposed a one-time 5% wealth tax on billionaires as of January 1, 2026, Page severed his California ties and purchased $173.4 million in Miami real estate, positioning himself to dodge the levy.

California’s Prop 40 and the Billionaire Tax

In just weeks, Californians will vote on Prop 40, a ballot measure that would impose a one-time 5% tax on billionaires who lived in the state as of January 1, 2026. The measure has sparked fierce debate, with supporters aiming to raise $100 billion, while opponents have spent more than $187 million fighting it. Two countermeasures, Props 41 and 42, backed by billionaires, could nullify Prop 40 if they gain more votes.

However, the measure’s effectiveness is already undermined by wealthy individuals moving out of California. Page alone, with a net worth of $292 billion, would have owed nearly $15 billion had he remained a California resident. Alongside other tech billionaires such as Sergey Brin, Peter Thiel, and former Uber CEO Travis Kalanick, who also left the state, the potential revenue loss exceeds $29 billion—over a quarter of the projected revenue from Prop 40.

Larry Page’s Strategic Move to Miami

In late December, Page’s family office, Koop, was officially converted out of California and incorporated in Delaware. Additional entities linked to him, including Flu Lab LLC, One Aero, and Oceankind, followed suit. At the same time, Page made high-profile real estate purchases in Miami, acquiring two estates totaling $173.4 million.

One property, an 11,855-square-foot estate in Coconut Grove, sold for $101.5 million and was the most expensive U.S. home sale of December and the fourth most expensive sale of 2025, according to Redfin. The other nearby home was purchased for $71.9 million, per Miami-Dade property records. Florida’s lack of income, capital gains, or wealth taxes makes it a favorable destination for billionaires seeking tax relief.

Other Tech Billionaires Following a Similar Path

Page is not alone in leaving the West Coast for Florida amid rising tax pressures. Amazon founder Jeff Bezos relocated from Seattle to Miami in late 2023, selling his Hunts Point mansion for a record $63 million. He now resides in a $237 million Miami compound with his wife, Lauren Sánchez Bezos. Washington state passed a 9.9% tax on household income above $1 million, with voters deciding November 3 whether to repeal it.

Former Starbucks CEO Howard Schultz also moved from Seattle to Miami in March as Washington advanced its millionaire’s tax, purchasing a Miami penthouse for $44 million. Sergey Brin, Google’s other cofounder, relocated to Nevada and bought a Miami home, while venture capitalist Peter Thiel left California for Miami as well.

Miami developers emphasize that Florida’s tax policies are “a huge boon” for the ultrawealthy, as stated by Robert Rivani, a developer who moved from Los Angeles. Despite their moves, many billionaires reportedly wish to stay in California but prioritize their financial interests.

Challenges Ahead for Prop 40

Even if Prop 40 passes, its Jan. 1 residency cutoff is likely to face legal challenges. California authorities consider multiple factors such as the time spent in the state and business ties when determining residency. The exodus of billionaires like Page, Brin, Thiel, and Kalanick has already diminished the tax base the measure targets, casting doubts on how much revenue it will ultimately generate.

Opponents of Prop 40 have heavily outspent supporters, and the measure’s fate remains uncertain amid the competing countermeasures and ongoing litigation risks. The billionaires’ moves to states with no income or wealth taxes signify a broader trend that could reshape tax policy debates in high-tax states like California.

Larry Page’s relocation to Miami and his $173.4 million investment in real estate there underscore how the ultrawealthy are responding to new taxation efforts by shifting their residency to states with more favorable tax climates.